Sony Group Corporation (NYSE: SONY) and Honda Motor Co., Ltd. (NYSE: HMC) have reported an agreement to discuss and explore through a strategic alliance to create new mobility and mobility services. The two companies have signed a memorandum of understanding that outlines the intent to establish a joint venture to engage in joint development and sales of high value-added battery electric vehicles, commercialize them and provide mobility services. The two companies will proceed with negotiations to execute numerous definitive binding agreements, which include a joint development agreement and a joint venture agreement to establish the New Company within 2022, subject to executive of definitive agreements and regulatory approvals. Comment from Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation.
“Sony’s Purpose is to ‘fill the world with emotion through the power of creativity and technology.’ Through this alliance with Honda, which has accumulated extensive global experience and achievements in the automobile industry over many years and continues to make revolutionary advancements in this field, we intend to build on our vision to ‘make the mobility space an emotional one,’ and contribute to the evolution of mobility centered around safety, entertainment and adaptability.”
Comment from Toshihiro Mibe, Director, President, Representative Executive Officer and CEO, Honda Motor Co., Ltd.
“The New Company will aim to stand at the forefront of innovation, evolution, and expansion of mobility around the world, by taking a broad and ambitious approach to creating value that exceeds the expectations and imagination of customers. We will do so by leveraging Honda’s cutting-edge technology and know-how in relation to the environment and safety, while aligning the technological assets of both companies. Although Sony and Honda are companies that share many historical and cultural similarities, our areas of technological expertise are very different. Therefore, I believe this alliance which brings together the strengths of our two companies offers great possibilities for the future of mobility.”